January 2020 ANDREW METRICK
Yale School of Management 165 Whitney Avenue, New Haven CT 06520 (203) 432-3069 [email protected] EDUCATION Yale University 1985 – 1989 B.A., Economics and Mathematics, May 1989 M.A., Economics, May 1989
Harvard University 1989 – 1994 A.M., Economics, November 1991 Ph.D., Economics, March 1994
ACADEMIC EMPLOYMENT Harvard University, Faculty of Arts and Sciences 1994 – 1998 Assistant Professor of Economics 1998 – 1999 Associate Professor of Economics
University of Pennsylvania, The Wharton School 1999 – 2003 Assistant Professor of Finance 2003 – 2007 Associate Professor of Finance (Tenured)
Yale University, School of Management 2008 – 2011 Professor of Finance 2009 – 2011 Theodore Nierenberg Professor of Corporate Governance 2010 – 2016 Deputy Dean 2011 – 2018 Michael H. Jordan Professor of Finance and Management 2013 – Director, Yale Program on Financial Stability 2017 – Faculty Director, Masters in Systemic Risk program 2018 – Janet L. Yellen Professor of Finance and Management
OTHER FULL-TIME EMPLOYMENT
Executive Office of the President, Council of Economic Advisers, Washington, D.C. 2009 – 2010 (August-July) Senior Economist 2009, Chief Economist 2010
OTHER PROFESSIONAL AFFILIATIONS
National Bureau of Economic Research, Faculty Research Fellow, 1998 – 2009; Research Associate, 2009 – American Finance Association, Director 2014 – 2016 Financial Management Association International, Vice President: Financial Education 2016 – 2018
1 PUBLICATIONS Books 2007 Venture Capital and the Finance of Innovation, John Wiley & Sons, First Edition. 2010 Second Edition (with Ayako Yasuda). Supplementary electronic resources at vcvtools.com
Research Articles 1994 “Fictitious Play in 2x2 Games: A Geometric Proof of Convergence” (with Ben Polak), Economic Theory 4, November, 923-933.
1995 “A Natural Experiment in ‘Jeopardy!’”, American Economic Review 85(1), March, 240-253.
1996 “Patterns of Behavior in Endangered Species Preservation” (with Martin L. Weitzman), Land Economics 72(1), February, 1-16.
1996 “March Madness? Strategic Behavior in NCAA Basketball Tournament Betting Pools”, Journal of Economic Behavior and Organization 30, August, 159-172.
1997 “Irreversible Investment and Strategic Interaction” (with Antonio Fatás), Economica 64, February, 31-47.
1998 “Conflicts and Choices in Biodiversity Preservation” (with Martin L. Weitzman), The Journal of Economic Perspectives 12(3), Summer, 21-34.
1998 “Price Versus Quantity: Market Clearing Mechanisms when Consumers are Uncertain about Quality” (with Richard Zeckhauser), The Journal of Risk and Uncertainty 17(3), December, 215-242.
1999 “Performance Evaluation with Transactions Data: The Stock Selection of Investment Newsletters”, The Journal of Finance 54(5), October, 1743-1775.
2001 “Institutional Investors and Equity Prices” (with Paul A. Gompers), The Quarterly Journal of Economics 116(1), February, 229-259.
2001 “Should Investors Avoid All Actively-Managed Mutual Funds? A Study in Bayesian Performance Evaluation” (with Klaas Baks and Jessica Wachter), The Journal of Finance 56(1), February, 45-86.
2001 “DEMES: Database on the Economics and Management of Endangered Species” (with David W. Cash, JR DeShazo, Todd Schatzki, Stuart Shapiro, and Martin L. Weitzman) , in Protecting Endangered Species in the United States, Jason F. Shogren and John Tschirhart, eds., Chapter 19, 374-380, Cambridge University Press.
2002 “How Does the Internet Affect Trading? Evidence from Investor Behavior in 401(k) Plans” (with James J. Choi and David Laibson), Journal of Financial Economics 64(3), June, 397-421. 2
2002 “Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance” (with James J. Choi, David Laibson, and Brigitte C. Madrian), in Tax Policy and the Economy, James Poterba, ed., 67-113, Volume 16, MIT Press.
2003 “Corporate Governance and Equity Prices” (with Paul A. Gompers and Joy L. Ishii), The Quarterly Journal of Economics 118(1), February, 107-155.
2003 “Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective” (with Leslie A. Jeng and Richard Zeckhauser), The Review of Economics and Statistics, May, 453-471.
2003 “Optimal Defaults” (with James J. Choi, David Laibson, and Brigitte C. Madrian), American Economic Review: Papers and Proceedings, 93(2), May, 180-185.
2004 “For Better or For Worse: Default Effects and 401(k) Savings Behavior” (with James J. Choi, David Laibson, and Brigitte C. Madrian), in Perspectives in the Economics of Aging, David Wise, ed., 81-126, University of Chicago Press.
2004 “Employees’ Investment Decisions about Company Stock”, (with James J. Choi, David Laibson, and Brigitte C. Madrian), in Pension Design and Structure: New Lessons from Behavioral Finance, Olivia S. Mitchell and Stephen P. Utkus, eds., 121-136, Oxford University Press.
2005 “Passive Decisions and Potent Defaults” (with James J. Choi, David Laibson, and Brigitte C. Madrian), Analyses in the Economics of Aging, David Wise, ed., 59-78, University of Chicago Press.
2006 “Large Blocks of Stock: Prevalence, Size, and Measurement” (with Jennifer Dlugosz, Rüdiger Fahlenbrach, and Paul A. Gompers), Journal of Corporate Finance 12(3), June, 594-618.
2006 “Saving for Retirement on the Path of Least Resistance” (with James J. Choi, David Laibson, and Brigitte C. Madrian), Behavioral Public Finance: Toward a New Agenda, Ed McCaffrey and Joel Slemrod, eds., 304-351, Russell Sage.
2009 “Optimal Defaults and Active Decisions”, (with Gabriel D. Carroll, James J. Choi, David Laibson, and Brigitte C. Madrian), The Quarterly Journal of Economics 124(4), November, 1639-1674.
2009 “Reinforcement Learning and Savings Behavior” (with James J. Choi, David Laibson, and Brigitte C. Madrian), The Journal of Finance 64(6), December, 2515-2534.
2010 “Extreme Governance: An Analysis of Dual-Class Companies in the United States”, (with Paul A. Gompers and Joy L. Ishii), The Review of Financial Studies 23(3), March, 1051-1088.
2010 “The Economics of Private Equity Funds” (with Ayako Yasuda), The Review of Financial Studies 23(6), June, 2303-2341.
2010 “Haircuts” (with Gary Gorton), Federal Reserve Bank of St. Louis Review 92(6),
3 November/December, 507-519.
2010 “Regulating the Shadow Banking System” (with Gary Gorton), Brookings Papers on Economic Activity 2010(2), Fall, 261-297.
2011 “Venture Capital and other Private Equity: a Survey” (with Ayako Yasuda), European Financial Management 17, 619-654.
2012 “Getting up to Speed on the Financial Crisis: A One-Weekend-Reader’s Guide” (with Gary Gorton), Journal of Economic Literature, 50(1), March, 128-150.
2012 “The Safe-Asset Share” (with Gary Gorton and Stefan Lewellen), American Economic Review: Papers and Proceedings, 102(3), May, 101-106.
2012 “Securitized Banking and the Run on Repo” (with Gary Gorton), Journal of Financial Economics, 104(3), 425-451.
2012 “A Model of Private Equity Fund Compensation” (with Wonho Wilson Choi and Ayako Yasuda), in Global Macro Economy and Finance, F. Allen, M. Aoki, N. Kiyotaki, R. Gordon, and J. Stiglitz, eds., International Economic Association, Proceedings of the Sixteenth World Congress, Vol. III, 271-286, Palgrave Macmillan.
2013 “A Revealed Preference Ranking of U.S. Colleges and Universities” (with Christopher Avery, Mark E. Glickman, and Caroline Hoxby), The Quarterly Journal of Economics, 128(1), February, 425-467.
2013 “Securitization” (with Gary Gorton), Handbook of the Economics of Finance, Volume 2A, George Constantinides, Milton Harris, and Rene Stulz eds., 1-70, Elsevier.
2013 “The Federal Reserve and Panic Prevention: The Roles of Financial Regulation and Lender of Last Resort” (with Gary Gorton), The Journal of Economic Perspectives 27(4), Fall, 45-64.
2018 “Regulatory Reform” (with June Rhee), Annual Review of Financial Economics 10, 153-172.
Publications in the Journal of Financial Crises
The Journal of Financial Crises serves as the in-house publication of record for research done by the team at the Yale Program on Financial Stability. These publications go to external reviewers for comments and fact-checking, but do not have a traditional refereeing process. I serve as the Executive Editor of the journal. For more information, please visit https://elischolar.library.yale.edu/journal-of-financial-crises/
2019 “The Lehman Brothers Bankruptcy A: Overview” (with Rosalind Z. Wiggins and Thomas Piontek), Journal of Financial Crises 1(1), 39-62.
2019 “The Lehman Brothers Bankruptcy B: Risk Limits and Stress Tests” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 63-79.
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2019 “The Lehman Brothers Bankruptcy C: Managing the Balance Sheet Through the Use of Repo 105” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 80-99.
2019 “The Lehman Brothers Bankruptcy D: The Role of Ernst & Young” (with Rosalind Z. Wiggins and Rosalind L. Bennett), Journal of Financial Crises 1(1), 100-123.
2019 “The Lehman Brothers Bankruptcy E: The Effect on Lehman’s U.S. Broker-Dealer” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 124-137.
2019 “The Lehman Brothers Bankruptcy F: Introduction to the ISDA Master Agreement” (with Christian McNamara), Journal of Financial Crises 1(1), 137-150.
2019 “The Lehman Brothers Bankruptcy G: The Special Case of Derivatives” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 151-171.
2019 “The Lehman Brothers Bankruptcy H: The Global Contagion” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 172-199.
2019 “JPMorgan Chase London Whale A: Risky Business” (with Arwin G. Zeissler and Daisuke Ikeda), Journal of Financial Crises 1(2), 40-59.
2019 “JPMorgan Chase London Whale B: Derivatives Valuation” (with Arwin G. Zeissler), Journal of Financial Crises 1(2), 60-74.
2019 “JPMorgan Chase London Whale C: Risk Limits, Metrics, and Models” (with Arwin G. Zeissler), Journal of Financial Crises 1(2), 75-91.
2019 “JPMorgan Chase London Whale D: Risk Management Practices” (with Arwin G. Zeissler), Journal of Financial Crises 1(2), 92-102.
2019 “JPMorgan Chase London Whale E: Supervisory Oversight” (with Arwin G. Zeissler), Journal of Financial Crises 1(2), 103-115.
2019 “JPMorgan Chase London Whale F: Required Securities Disclosures” (with Arwin G. Zeissler and Giulio Girardi), Journal of Financial Crises 1(2), 116-131.
2019 “JPMorgan Chase London Whale G: Hedging versus Proprietary Trading” (with Arwin G. Zeissler), Journal of Financial Crises 1(2), 132-145.
2019 “JPMorgan Chase London Whale H: Cross-Border Regulation” (with Arwin G. Zeissler), Journal of Financial Crises 1(2), 146-156.
2019 “Ireland and Iceland in Crisis A: Increasing Risk in Ireland” (with Arwin G. Zeissler and Karen Braun-Munzinger), Journal of Financial Crises 1(3), 1-15.
2019 “Ireland and Iceland in Crisis B: Decreasing Loan Loss Provisions in Ireland” (with Arwin G. 5 Zeissler), Journal of Financial Crises 1(3), 16-26.
2019 “Ireland and Iceland in Crisis C: Iceland’s Landsbanki Icesave” (with Arwin G. Zeissler and Thomas Piontek), Journal of Financial Crises 1(3), 27-43.
2019 “Ireland and Iceland in Crisis D: Similarities and Differences” (with Arwin G. Zeissler and Daisuke Ikeda), Journal of Financial Crises 1(3), 44-56.
2019 “European Central Bank Tools and Policy Actions A: Open Market Operations, Collateral Expansion and Standing Facilities” (with Chase P. Ross and Rosalind Z. Wiggins), Journal of Financial Crises 1(3), 57-81.
2019 “European Central Bank Tools and Policy Actions B: Asset Purchase Programs” (with Chase P. Ross and Rosalind Z. Wiggins), Journal of Financial Crises 1(3), 82-112.
2019 “European Banking Union A: The Single Supervisory Mechanism” (with Rosalind Z. Wiggins and Michael Wedow), Journal of Financial Crises 1(3), 113-129.
2019 “European Banking Union B: The Single Resolution Mechanism” (with Rosalind Z. Wiggins and Michael Wedow), Journal of Financial Crises 1(3), 130-149.
2019 “European Banking Union C: Cross-Border Resolution-Fortis Group” (with Rosalind Z. Wiggins and Natalia Tente), Journal of Financial Crises 1(3), 150-171.
2019 “European Banking Union D: Cross-Border Resolution-Dexia Group” (with Rosalind Z. Wiggins and Natalia Tente), Journal of Financial Crises 1(3), 172-188.
2019 “JPMorgan Chase London Whale Z: Background & Overview” (with Arwin G. Zeissler and Rosalind L. Bennett), Journal of Financial Crises 1(4), 23-44.
2019 “Basel III A: Regulatory History” (with Christian McNamara and Thomas Piontek), Journal of Financial Crises 1(4), 45-58.
2019 “Basel III B: Basel III Overview” (with Christian McNamara and Michael Wedow), Journal of Financial Crises 1(4), 59-69.
2019 “Basel III C: Internal Risk Models” (with Christian McNamara and Karen Braun-Munzinger), Journal of Financial Crises 1(4), 70-80.
2019 “Basel III D: Swiss Finish to Basel III” (with Christian McNamara and Natalie Tente), Journal of Financial Crises 1(4), 81-90.
2019 “Basel III E: Synthetic Financing by Prime Brokers” (with Christian McNamara), Journal of Financial Crises 1(4), 91-100.
2019 “Basel III F: Callable Commercial Paper” (with Christian McNamara and Rosalind L. Bennett), Journal of Financial Crises 1(4), 101-110.
6 2019 “Basel III G: Shadow Banking and Project Finance” (with Christian McNamara), Journal of Financial Crises 1(4), 111-119.
2019 “Lessons Learned: Ray Dalio” (with Rosalind Z. Wiggins and Kaleb Nygaard), Journal of Financial Crises 1(4), 120-122.
2020 “Guarantees and Capital Infusions in Response to Financial Crises A: Haircuts and Resolutions” (with June Rhee), Journal of Financial Crises 2(1), forthcoming.
2020 “Guarantees and Capital Infusions in Response to Financial Crises B: U.S. Guarantees During the Global Financial Crisis” (with June Rhee), Journal of Financial Crises 2(1), forthcoming.
2020 “Guarantees and Capital Infusions in Response to Financial Crises C: U.S. 2009 Stress Tests” (with Chase P. Ross and June Rhee), Journal of Financial Crises 2(1), forthcoming.
2020 “The Federal Reserve’s Financial Crisis Response A: Lending & Credit Programs for Depository Institutions” (with Rosalind Z. Wiggins), Journal of Financial Crises 2(1), forthcoming.
2020 “The Federal Reserve’s Financial Crisis Response B: Lending & Credit Programs for Primary Dealers” (with Rosalind Z. Wiggins), Journal of Financial Crises 2(1), forthcoming.
2020 “The Federal Reserve’s Financial Crisis Response C: Providing US Dollars to Foreign Central Banks” (with Rosalind Z. Wiggins), Journal of Financial Crises 2(1), forthcoming.
2020 “The Federal Reserve’s Financial Crisis Response D: Commercial Paper Market Facilities” (with Rosalind Z. Wiggins), Journal of Financial Crises 2(1), forthcoming.
2020 “The Federal Reserve’s Financial Crisis Response E: The Term Asset-Backed Securities Loan Facility” (with Rosalind Z. Wiggins), Journal of Financial Crises 2(1), forthcoming.
2020 “Restructuring and Forgiveness in Financial Crises A: The Mexican Peso Crisis of 1994-1995” (with Christian McNamara and June Rhee), Journal of Financial Crises 2(1), forthcoming.
2020 “Restructuring and Forgiveness in Financial Crises B: Lessons from the Emerging Markets Crises of the 1990s” (with June Rhee), Journal of Financial Crises 2(1), forthcoming.
2020 “Restructuring and Forgiveness in Financial Crises C: The Swedish Banking Crisis of 1990- 1994” (with Christian McNamara and Lars Thunell), Journal of Financial Crises 2(1), forthcoming.
2020 “Restructuring and Forgiveness in Financial Crises D: The Japanese Financial Crisis of the 1990s” (with Christian McNamara), Journal of Financial Crises 2(1), forthcoming.
7 Book Reviews and other Publications
1999 “Conflicts and Choices in Biodiversity Preservation, A Reply”, Journal of Economic Perspectives, Summer, 239.
2001 “Facing the Challenge of Venture Capital”, The Financial Times, Mastering Investment Series, Part Eight, July 2, 6-7. (Reprinted in Mastering Investment, 2002, James Pickford, ed., FT Prentice Hall, 305-312.)
2002 “Performance Evaluation in Financial Economics”, NBER Reporter, Summer, 5-7.
2002 “This Tax Cut Will Pay Dividends” (with Paul A. Gompers and Jeremy Siegel), The Wall Street Journal, August 13, A20.
2002 “Reading the Tax Code Will Solve His Puzzle”, (with Paul A. Gompers and Jeremy Siegel), The Wall Street Journal, September 9, A15.
2003 “Corporate Governance and the Individual Investor” (with Paul A. Gompers), TIAA-CREF Investment Forum, June, 10-12.
2008 “Insider Trading”, The New Palgrave Dictionary of Economics, 2nd Edition, Larry Blume and Steven Durlauf, eds., Palgrave MacMillan.
2008 “Tobin, James”, International Encyclopedia of the Social Sciences, William A. Darity Jr. ed., 2nd edition, Vol. 8, Detroit: MacMillan Reference USA, 378-379.
2012 “The Financial Crisis of 2007-2009” (with Gary Gorton), forthcoming in The Handbook of Major Events in Economic History, Robert Whaples and Randall Parker eds., Routledge.
2013 Review of The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about it by Anat Admati and Martin Hellwig, Finance & Development 50(1), March, 54-55.
2017 Comment on “Strengthening and Streamlining Bank Capital Regulation” by Robin Greenwood et al., Brookings Papers on Economic Activity, Fall, 545-553.
Patent
2008 “Private Equity Investments” (with Paul A. Gompers, Joshua Lerner, and Leslie A. Jeng), United States Patent 7426488. (Abstract: “In general, in one aspect, the disclosure describes a computer program for analyzing private equity investments…”)
8 RESEARCH GRANTS AND AWARDS
1990 – 1993 NSF Graduate Fellowship, Economics 1995 – 1998 NSF grant SBR-9422772, (with Weitzman): “The Economics of Biodiversity Preservation”
2002 – 2005 NSF grant SES-0136791, (with Gompers): “Measuring the Impact of Corporate Governance” 2003 – 2007 NIH grant R01-AG21650, (with Laibson and Madrian): “Determinants of Saving in 401(k) Plans”
2013 Jensen Prize, for best paper published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations in 2012, “Securitized Banking and the Run on Repo” (with Gary Gorton)
2013 – 2019 Sloan Foundation grants 2013-3-13, 2013-10-16, and 2016-3-25: “The Yale Program on Financial Stability”
TEACHING EXPERIENCE 1994 – 1997 Intermediate Microeconomic Theory (Undergraduate) 2000 – 2003 Venture Capital and Private Equity (MBA and Undergraduate) 2004 – 2008 Venture Capital and the Finance of Innovation (MBA and Undergraduate) 2011 – Financial Crises (Ph.D, with Gary Gorton) 2012 – 2014 The Financial System (MBA) 2014 – The Global Financial Crisis (MBA, with Timothy F. Geithner)
ONLINE COURSE 2015 – The Global Financial Crisis (with Timothy F. Geithner), Coursera As of January 2020, over 40,000 active learners and 4000 course completers https://www.coursera.org/learn/global-financial-crisis
TEACHING RECOGNITION 1998 Joseph R. Levenson Memorial Teaching Award, Harvard 1998 Roslyn Abramson Award, Harvard 2001, 02, 05, 06 Excellence in Teaching Award (Undergraduate Division), Wharton 2001, 03, 04, 05, 07 Excellence in Teaching Award (Graduate Division), Wharton 2001 David W. Hauck Award for Excellence in Undergraduate Teaching, Wharton 2001 – 2005 “Outstanding Faculty”, Businessweek Guide to the Best Business Schools 2003, 07 Class of 1984 Award (highest teaching rating in the MBA program), Wharton 2004 The Wharton Award (2nd-year MBA students), Wharton Graduate Association 2005 Lindback Award, University of Pennsylvania
9 EDITORIAL BOARDS 2003 – 2012 Associate Editor, Journal of Finance 2008 – 2013 Associate Editor, Journal of Banking and Finance 2008 – 2013 Associate Editor, Journal of Financial Intermediation 2019 - Associate Editor, Journal of Financial Stability 2019 - Executive Editor, Journal of Financial Crises
OTHER PEDAGOGICAL/SERVICE ACTIVITIES 2013 - Yale Program on Financial Stability, Systemic-Risk Institute (since 2014) consisting of Systemic-Risk Symposium for mid-level central bankers, Financial-Crises Academic Conference, and Financial-Crisis Forum for senior central bankers; (since 2015). More details available at http://som.yale.edu/faculty-research/our-centers/program-financial-stability/about
PUBLIC-SECTOR AFFILIATIONS 2014 – 2018 Member, Financial Research Advisory Committee, Office of Financial Research, United States Department of the Treasury
NON-PROFIT AFFILIATIONS 2008 – Member, Investment Committee, The Foote School 2011 – Member, Board of Directors, NewHytes
PRIVATE-SECTOR AFFILIATIONS 2008 – Affiliated Expert, Analysis Group, Boston MA (Economic consulting, engagement list available upon request)
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